Frisco buys four townhomes from developer Larry Feldman for affordable housing
March 14, 2018
The Frisco Town Council approved the purchase of four townhomes in the Bill's Ranch area at its regular meeting Tuesday night for at total of $1.7 million from the town's 5A workforce housing fund. The town plans to put deed restrictions on each of the units and reserve them for local workers.
Last summer, developer Larry Feldman offered to swap all eight units at Coyote Village on the corner of Eight Avenue and Pitkin Street for an undeveloped, town-owned lot closer to Main Street. Council declined that offer, and four of the units have since been sold to private buyers.
Under Tuesday's deal, the town will pay $425,000 apiece for the four remaining 2-bedroom townhomes. Feldman said he will also build two-car garages for each of the units, which he recently renovated.
The deal is part of Frisco's larger push to provide more affordable housing options in town, including the eight-unit Mary Ruth Place Project on Galena Street. That project was delayed by high construction costs last year, but town staff has since trimmed the price tag.
The council approved a $1.9 million contract with Summit Homes Construction Tuesday night to build that project. Town manager Randy Ready said crews are expected break ground in April.
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